Mining Cryptocurrency on your Phone with Pi Network App

Bitcoin has recently been a big talk in finance news and every social media platform. Personally I don’t hold any Bitcoin and at this price point I probably never will. But this led me to wonder whether or not there are other cryptocurrency that I can still mine. I don’t have a custom build cryptocurrency mining computer. I only have a simple laptop and a smartphone.

Doing research led me to multiple apps with the ability to mine their “coins”. The most popular one is Pi Network. It was founded in 2019 by Stanford graduates Nicolas Kokkalis Ph.D., Chengdiao Fan Ph.D., and Vince McPhilip M.B.A. The goal of the project was to make crypto accessible to everyone. (source)

The issue with Bitcoin is that most of them are owned and mined by big corporations. Because of this, a very small percentage of individuals in the general population hold Bitcoin. It’s not easily accessible to most people. The Pi Network aims to address that issue and make their crypto available to everyone with a smartphone. You can check out their website and Q&A page here. It’s a great idea and a lot of people got onboard. As of December 2020, Pi Network has more than 10 million users mining Pi Coins from the app. (source)

I just started yesterday and invite 7 friends. So far I have 15 Pi Coins. As of right now the coins are worth nothing. However, they plan to start mainnet for Pi Network in Phase 3 (estimated to be around late 2021 and early 2022). The project timeline is on their Reddit page here. However, as I researched more, I also started reading articles about skepticisms of the app.

Research done by Ai Multiple is saying that Pi Network may be a scam. Can it be? From my own experience, when setting up the app it did not ask me for ID or any official documents to verify my name. All it asks me to do is to make sure that my name is the same exactly as it is shown on my official ID documents. This may imply that Pi Network will later on require official documentations in order to withdrawal funds once reaching mainnet. However, that’s not the only thing I’ve noticed. Many people online have noticed that when you set your phone clock ahead in time, your Pi Coin count increases accordingly with the time. Does this mean Pi Coin = time? I couldn’t find any specific documentation that gave a clear answer. In addition, there are other variables that led many people to having second thoughts about these kinds of apps. You can read about them here.

Overall, whether or not Pi Network is a scam, I still plan to continue to use it for the time being. Even if they reach mainnet and require official ID documentation, it will be a very long time for the Pi Coins to gain any value. Until then, I will slowly keep growing my Pi Coins.

Disclaimer: this article is only for educational purposes and not meant to be a recommendation or financial advice. If you do plan to join the Pi Network, do so at your own risk with your own research first.

No Views for the First 2 YouTube Videos

I’ve been posting 1 video per week to my YouTube cash cow channel. As of right now I basically have no views since the only 1 view I have is my own. From here on I’ll try to use other FREE YouTube support software and try out social media to see if using those platforms help improve the channels performance.

As of now the videos have been using tags and titles by looking up top keywords via Google. Of course I don’t expect my channel to get much views right now since it’s still fairly new and the YouTube algorithm doesn’t have enough data about my channel to decide on whether to push it to peoples recommendations or not.

What is a YouTube Cash Cow Channel?

In order to understand this topic we have to first understand the term “cash cow”. From Investopedia, “a cash cow is a business or unit that, once it has been paid for, will produce steady cash flow over its lifespan.” When applying this to YouTube Channels, a Cash Cow Channel is simply a channel which it’s main purpose is to generate revenue.

This year I’m going to attempt to create a cash cow channel and see whether or not I can make it sustainable. The idea is simple, upload 1 video weekly and target a high CPM niche. By the end of the year, I will see how far the channel has grown and decide whether or not to stop.

For more info about this Cash Cow Channel idea, check out the article below:

https://niffinchellaiah.medium.com/can-you-make-passive-income-from-youtube-cashcow-method-5f5634dcbc63

Why the FIRE Movement Only Works for High Income Earners

Have you heard of the FIRE Movement? In case you haven’t, it stands for Financial Independence Retire Early. When I heard about it in college I immediately wanted to do it. The idea was simple: earn as much as you can and save as much as you can so that you can retire early.

Right when I got my first job in college I started applying the idea. For every paycheck I get, I set aside the amount that I needed and pushed the rest into savings. The plan worked great and my savings account was increasing monthly. Sometimes my friends would invite me to go out for dinner or movies and I’d decline because that would be money I could’ve put in my savings. My friends thought of me weird and wondered why I’m even thinking about retirement when I haven’t even graduated college yet. I’ve always preferred to plan ahead for everything no matter what it may be. This was no different. However, it was because of this early planning that I soon realized that the FIRE movement doesn’t really work unless you’re a high income earner.

If you plan to retire at age 30 and want to have a yearly budget of $50,000 till the average age of 80, then that means your nest egg would need to be $2,500,000 or more. Even if you graduate college after 4 years at age 22 with a bachelors, the annual amount you need to put into savings for those 8 years from age 23-30 would need to be $312,500 per year. Realistically, the average 1 person household income is about $50,000. Even if you go on a strict budget for all those 8 years and manage to push $48,000 ($4,000 monthly) into investments making 12% returns per year compounded, you’ll still only get $639,709 at age 30 out of the $2,500,000 you need.

https://www.daveramsey.com/smartvestor/investment-calculator

If you plan to retire at age 40 with a $50,000 annual budget, then your nest egg would need to have $2,000,000 or more. This is easier to achieve with the longer timeline but will require an annual amount of $111,111 put into savings. However, if you manage to invest and push $36,000 ($3,000 monthly) into investments making annual 12% returns compounded, you’ll be able to reach $2,273,582 by age 40. Retiring at this age has a higher probability, but of course this would mean you are not using those funds on big purchases like a house or car.

https://www.daveramsey.com/smartvestor/investment-calculator

I think the idea is pretty much clear. You need to have a high earning income to do the FIRE movement. Of all the FIRE movement article and videos I’ve seen online, I have not seen anyone do it on an average income. This is because the lower your income, the harder it is to save.

Right out of college, my first full time job provided an annual salary of $50,000. Although I no longer follow the FIRE movement fully, I appreciate what it has taught me about frugality, savings, and retirement. The knowledge it has given me has helped me make better financial decisions especially going forward towards my retirement.

What is the Power of Compound Interest?

Have you ever heard of a 401K or Individual Retirement Account (IRA)? These are accounts that you should know about early on in your career if you want to be financially prepared for retirement. In my previous article I talked about the importance of time in relations to life. In this article I wanted to talk about the importance of time in relations to your investments.

Till this day I wish someone told me about investing and compound interest when I was in high school or college, but it wasn’t until after I graduated and started working full time that I learned about 401K and IRA. When you learn about these types of investments, you find out that time matters a lot due to something called compound interest.

The rule is simple: the earlier you invest, the more your money will grow over time.

Source: Investopedia

There are many different types of investment accounts. For retirement accounts like 401K and IRA, you have to understand that the money invested in those accounts should not be withdrawn until the retirement age of 59.5. That’s the age according to the rules in 2020, but who knows if the government will change that number in the future. Because of this requirement, make sure that the money you put into those accounts are not money you will need until you retire. The money can be withdrawn early but there is a penalty fee.

The sooner you start investing, the more time your money will have to grow. There is a saying, “The best time to plant a tree is 20 years ago. The second best time is today.” Think of investing like a tree. If you only started growing your tree in your 40s or 50s, the tree won’t be as big in your 60s as if you started growing it in your 20s. Just like trees, investments need time to grow. Start as early as you can. Remember, time waits for no one.

Why Time is your Most Valuable Asset

Do you ever wish you could have more hours in a day? Whether it’s you or me, time is the one thing that waits for no one. We all get the same 24 hours every day. What we do with those 24 hours is completely up to us.

When I was younger, I wasn’t aware of time and how important it is in life. Sure I wished I’d have more time to study and sometimes wished that time would freeze so that I don’t have to take my exam the next day. However, it wasn’t until I took a step back and viewed the timeline of my life (and everyone’s life) that I understood time is priceless. No one is getting more of it and everyone is running low on it.

If you work a regular 8-5pm day job then that’s 9 hours of your 24 hour day. The recommended hours of sleep for adults is 7-9 hours. But lets be honest, most of us are only getting about 7 hours of sleep on a weekday. 24 hours per day , minus 9 hours for work, and minus 7 hours for sleep leaves you with about 8 hours per day to yourself. That is a third of your day. What you do with that time matters especially because you won’t be getting it back. Make sure you spend that time doing stuff that matters to you.

https://www.sleepfoundation.org/articles/how-much-sleep-do-we-really-need

Why your Greatest Wealth is Health

What is your definition of wealth? Is it the number in your bank account? Or maybe it’s the amount of luxury items you own? The idea of wealth being something that is not money and not tangible was a crazy idea to me.

When I was growing up, I became aware of the importance of money. It was what put a roof over our heads and food on the table. People without enough money would struggle with those basic needs while the “wealthy” people with more than enough money don’t even have to give those basic needs a second thought. I soon realized that I needed to be “wealthy” and make as much money as I can. That idea stuck with me and also stuck with my friends father. That is until he passed away due to a heart attack from overworking. The reason for his overworking was simply to be wealthier, but in the end was he really wealthy? His friends described him as “always tired” and “always sad”. He had the big house, nice car, and his kids went to private school. However, without his health, none of his money mattered. Bob Marley explains this perfectly:

Learning that there are things more important than money completely changed my view on the definition of wealth. Money can buy many things, but there are many things money can’t buy. Focusing on the priceless things in life such as health, quality time with family, and life experiences helped me understand that money is a useful resource, but it does not define my wealth.

One of the many things money can’t buy is health. Many would argue it’s your greatest wealth. If you don’t have your health, how will you do everything else? Your health isn’t dependent on the number in your bank account. Instead, it simply depends on how well you treat and take care of your body, mind, and soul.

Here are the 5 main aspects of personal health and tips to help keep you healthy:

1. Physical: Exercise and eat healthy. Avoid junk, fast, and processed food. Make sure you’re getting the nutrients your body needs to function well physically. Get at least 6-8 hours of sleep every night.
2. Emotional: Keep a positive attitude when facing problems that life throws at you. Talk through your problems with someone you trust or a professional.
3. Social: Get involved with positive minded people. Identify who is truly your friends in life. Find a good balance between your personal and school/work life.
4. Spiritual: Find time to reflect everyday. Remember to focus on the positive and always find gratitude in every step of your journey.
5. Intellectual: Continue learning even after you finish school. There are many things to learn every day. Keep an open mind and learn to see things in a different perspective.

How to Determine Needs vs Wants

Have you ever been worried about finances? I have ever since I was young. Even when I was little I was hesitant about asking my parent for money. My dad was a fast food cook and my mom was a waiter so money was tight and I did not want to be a burden to the family. I even overheard my parents arguing about money one time. Since then each time they gave me any money I would feel guilt. I didn’t have an allowance so all the money I had came from my birthday and New Years. The money from those two days of the year was all I had to budget. It wasn’t much, but at the same time I didn’t need much. It was through this that I learned the difference between things I want vs things I actually need.

When I was young, I didn’t feel equal to my peers in terms of material things. They had all the brand clothes and latest smartphones. I had a flip phone and only wore a simple polo shirt, jeans, and sneakers. At a young age it bothered me, but as I grew older it bothered me less and less mainly because I saw the sacrifices my parents were making to keep a roof over my head and food on the table. Seeing the sacrifices my parents made also helped me realize that I didn’t need fancy clothes or the latest smartphone. I had all that I needed and I’m perfectly happy with that.

Here are some tips to help you determine what is a need vs a want:

• A need is something required for survival such as water for drinking, food to eat, clothing to keep you warm, and shelter to live in. In this digital age you most likely need a cell phone as well, but it does not need to be the latest model. A simple phone you can use to contact family in case of emergency is all that you need.
• A want is everything else. These are things to make life better, convenient, and a little more enjoyable.